Edison Investment Research Limited
London, UK, 22 July 2021
Civitas Social Housing (CSH): Positive outcomes drive consistent returns
The results for the year ended 31 March 2021 (FY21) provided the detail on Civitas Social Housing's resilient performance through the pandemic. The portfolio continued to perform in line with expectations, operationally and financially, delivering consistent positive returns. With rents indexed to inflation and gearing in place to fund accretive portfolio acquisitions, we forecast further consistent growth in earnings and DPS.
The shares offer an attractive c 4.8% FY22 prospective yield and trade at around EPRA NAV. Dividends are backed by stable income, uncorrelated with the wider economy, with good inflation-linked growth prospects.
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